How To Get a Personal Loan Without a PAN card?

PAN Card is an important document for deposits, investments, and transactions of over Rs 50,000. Also, it is a vital document when filing for ITR (income tax returns), opening a bank account, or placing an application for a loan. As loan application and processing procedures have been digitized, requests for loans manually have lowered. Seekers do not require submitting any physical document like a PAN card for a personal loan application. Moreover, there are many digital lenders like Paysense, Incred and others that may not ask for your PAN card. To proceed with the personal loan application, you can instead enter your PAN card number or your Aadhaar card number to finish your KYC verification.  

For a few financial institutions and lenders, a PAN card is vital for a loan because it endows clarity on your financial status, monetary frauds, and repayment capacity. Placing an application for a loan without the PAN results in discrepancies in the loan verification process. You might show other income-linked documents for the personal loan approval, but loan verification without PAN is incomplete. It is a vital part of KYC verification; thus, keep your PAN handy for instant loan approval. When a seeker tries to place the personal loan application without PAN, it does not endow a great impression on the bank, digital or NBFC lenders and can impact your approval status.

A personal loan is an unsecured credit option that needs zero security or collateral and lesser documents than secured loan options. In case the lender is approving your personal loan without PAN, review your creditworthiness before you ask for the loan.

Crucial Tips for getting an instant loan when a PAN card is not present:

Most lenders in India have fixed their eligibility parameters for personal loans very clearly, which involve PAN cards and Aadhaar cards as mandatory documents for availing of the instant loan. Thus, if you are looking for a personal loan without PAN, it will not endow you with a positive result for the loan approval. Seekers can avail of personal loans of up to Rs 50,000 or even more with PAN. However, listed here are some tips that can be considered for you till you get your new PAN card:

       A strong credit score is crucial for instant approval.

       Submit your statements for financial evaluation.

       Submit your identity proofs and utility bills in place of a PAN card. However, it completely depends upon the lender’s eligibility criteria.

       Approach the lender is providing loans with extremely less stringent eligibility criteria.

       Having a stable repayment history can create the base for personal loan sanctions without PAN.

Eligibility parameter for getting an instant loan by using PAN

When you open the instant loan application to avail personal loan, initially go through the personal loan eligibility criteria and then go ahead with your loan application. Most personal loan apps have clearly stated about the PAN card and Aadhaar card being an extremely mandatory documents for personal loan approval. So, in case you assume a loan without PAN will work, drop this idea, and keep your PAN number handy.

Documents essential for PAN card credit option

A PAN card is a vital document to authenticate your financial history. Hence, lenders will for sure approve your loan without PAN. When you hesitate to submit your PAN for a personal loan, this gives the impression of being extremely underconfident regarding your financial history. Hence, ensure to prioritize your PAN as a mandatory and crucial document for a personal loan application.

Crucial benefits of placing a personal loan application with PAN

PAN card is beneficial for your personal loan approval and enhances your confidence in processing the loan early. Personal loans without PAN may take time for approval or might not get sanctioned. So, it is beneficial for you to hold a PAN card while applying for a personal loan online.

How can you apply for a personal loan with your PAN card?

Begin by downloading a digital loan application like EarlySalary, or PaySense to avail of the loan with PAN. Once your application for a personal loan is duly filled, the next step is document authentication, which requires your EKYC verification. Here, borrowers must place PAN card and Aadhaar card details for authentication. This

Start with downloading an instant personal loan app like SimplyCash to avail a personal loan with a PAN card. After the personal loan application is duly filled, the next step is document verification which demands E-KYC verification. At this step, borrowers are required to submit the Aadhar card and PAN card details for verification. This is how you apply for a personal loan with a PAN card.

FAQs (frequently asked questions)

Is it possible to avail of a personal loan without a PAN card?

Yes, you can get a personal loan without a PAN with a few lenders. Instead, use other KYC documents like a driving license and Aadhaar card for authentication.

Is PAN mandatory for education loans?

Yes, PAN is a mandatory document for an education loan. Most lenders have made this compulsory for students to provide their PAN when registering for an education loan.

How can you know your loan eligibility?

Visit the online financial platform to learn about your credit score. Place your PAN details and submit the request for review of the credit report. A higher credit score confirms your loan eligibility.

Can I avail a personal loan without PAN?

Availing of personal loans without PAN is uncertain as PAN is a crucial KYC document for your loan authentication.

Where can you get the loan without PAN?

On official loan apps and sites, there are zero scopes to avail loan approval without PAN. However, in a rare case scenario, if you maintain a long-run relationship with a bank lender, there are chances that your application may be considered without PAN owing to already existing parameters.

Is PAN required for a loan?

Yes, PAN is required for a loan to authenticate your long-term financial behaviour and repayment capacity before endowing personal loan approval.

How can you get an online personal loan without a PAN?

You cannot avail online personal loans without PAN. In the absence of PAN, eKYC authentication will stay incomplete, and the document authentication step will show a pending status. 

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